New York, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Food for pets, such as cats, dogs, birds, and other animals, is often available in supermarkets, pet stores, etc. As the number of pet owners has increased, the demand for pet food has increased significantly over time. “The global pet food market size is expected to reach USD 130,070 million by 2030, growing at a CAGR of 5% over the forecast period (2022–2030),” stated by Research Manager of Straits Research P. Ltd.
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Rising Trends
Pet humanization has gained extensive coverage in mainstream media worldwide in recent years. Research undertaken by the American Pet Products Association (APPA) as part of the National Pet Owners Survey (2019-20) revealed that more than 85 million households in the United States owned one or more pets, with dogs constituting a significant proportion of the pet population. Thus, it is projected that increased pet humanization would fuel the pet food market.
According to Pet Data, the adoption rate for dogs in China in 2018 was 11.8%, and the adoption rate for cats was 19.8%. Since the rise of the animal welfare movement in China, Pet Form, an organization that teaches and trains stray cats and dogs before releasing them to shelters, has assisted over 10,000 rescued cats and dogs in finding homes between 2011 and 2019. The consumer trend toward pet adoption has led to the premiumization of pet food, which is expected to expand the market for pet food products over the forecast period.
Growth Opportunities
With the rise in people's health consciousness, natural products, in general, are gaining widespread favor worldwide. The enhanced dissemination of information regarding the possible toxicity of synthetic chemicals and other dangerous substances across multiple social media platforms also boosts natural pet food sales.
The surge in preferences for natural and healthy foods, with food safety as the priority, may promote pet food sales, with the natural segment experiencing greater growth rates. Organic pet food sales in the United States climbed from USD 5.4 billion in 2016 to USD 6.8 billion in 2019. Consequently, rising awareness regarding organic pet food in developed and emerging nations, coupled with increased pet ownership, is boosting the worldwide pet food market, which is expected to expand throughout the forecast period.
Regional Insights
North America accounts for the largest market share and is estimated to grow at a CAGR of 5.1% during the forecast period. The growth of the United States pet food market, the largest in North America, can be ascribed to the rise in pet ownership. In 2018, Old Mother Hubbard Classic dominated the market with a market share of 2.96%. Its extensive product line was available on numerous online retail platforms, including Amazon, Walmart, Petco, PetSmart, Chewy, and PetFlow.
Europe is estimated to grow at a CAGR of 4.9% during the forecast period. The German pet food market is mature and saturated, divided between premium and budget pet food. Mars, Nestlé, and Fressnapf are essential players in the German pet food market, accounting for more than half of the market share. The German pet food market is dominated by grocery stores, followed by supermarkets and hypermarkets.
Key Highlights
- The global pet food market size is estimated to reach an expected value of USD 130,070 million by 2030, registering a CAGR of 5% over the forecast period (2022–2030).
- By animal type, the global pet food market is segmented into Dogs, Cats, Birds, and Others. The Dog segment accounts for the largest market share and is estimated to grow at a CAGR of 5.3% during the forecast period.
- By sales channel, the global pet food market is segmented into Specialized Pet Shops, Internet Sales, Hypermarkets, and Others.
- By pricing type, the Premium Segment accounts for the largest market share and is estimated to grow at a CAGR of 5% during the forecast period.
Key players in the global pet food market are
- Mars Incorporated
- Nestle Purina Pet Food
- Nutriara Alimentos Ltda
- Invivo NSA
- Yamaha Pet care
- Colgate- Palmolive Company
- JM Smucker
- Wellpet LLC
- Blue Buffalo
- Diamond Pet Foods
Market News
- In August 2022, Purina's Beggin' dog treats teamed up with Walmart to host a crowdsourcing campaign that encourages consumers to vote between two new dogs treat Flavors: Backyard Bacon Cheeseburger and Bold Brown Sugar and Bacon.
- In June 2022, Purina-Sponsored Research showed the benefits of therapy dogs for patients in a mental health crisis.
- In April 2022, Purina-Sponsored Research showed the benefits of pets for parents and their children with autism.
Global Pet Food Market: Segmentation
By Animal Type
- Dogs
- Cats
- Birds
- Others
By Product Type
- Dry Pet Foods
- Wet Pet Foods
- Veterinary diets
- Treats and Snacks
- Organic Products
By Ingredient Type
- Animal-derived
- Plant-derived
- Cereals & Cereal Derivatives
- Others
By Sales Channel
- Specialized Pet Shops
- Internet Sales
- Hypermarkets
- Others
By Pricing Type
- Economy Segment
- Premium Segment
- Super Premium Segment
By Regions
- North America
- Europe
- Asia-Pacific
- SAMEA
About Straits Research Pvt Ltd.
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